AG Opinion 2019-4
The Attorney General determines the Commissioners of the Land Office are not permitted, pursuant to statute or otherwise, to expend the capital gains that accrue to the principal of the permanent school fund. Capital gains are not income or interest generated by the fund’s principal, but rather constitute increases to the principal itself, which shall forever remain inviolate. OKLA. CONST. art. XI, §§ 2 & 3; Oklahoma Enabling Act, §§ 7 & 9, 34 Stat. 267, 272-74 (1906).
Thu, February 14, 2019